In the latest chapter of “How to Lose a Fortune in 10 Years or Less,” several DeFi blockchains have taken a swan dive off the high dive, straight into the kiddie pool. 🤷♂️ North Korean hackers, who presumably have nothing better to do, and projects that were held together with less than dental floss, have managed to hemorrhage tens of millions in user assets. It’s like watching a trainwreck in slow motion, but with money.
DefiLlama’s data paints a grim picture of a 90% haircut on user deposits. 🪄 The biggest magical disappearing act goes to Harmony, an Ethereum Virtual Machine-compatible blockchain that once held over $1.4 billion in total value locked. It’s now a shadow of its former self, which is to say, it’s basically a ghost town with a “For Sale” sign.
Harmony had its moment in the sun in 2019, launched its mainnet, and then watched it all come crashing down like a house of cards in a wind tunnel. By January 2022, it was rolling in dough, but then came the North Korean hacker group Lazarus, who swooped in like the Grinch and stole $100 million right from under Harmony’s nose. 🎩
Since then, it’s been a slippery slope for Harmony, with user deposits sliding down faster than a greased pig at a county fair. As of press time, they’re holding onto a mere $1.7 million in TVL, which is a rounding error compared to their 2022 ATH. 📉
It’s not just Harmony, though. Aurora, Moonrise, Canto, and Evmos have all taken a nosedive, and even Polygon, which was supposed to be the cool kid on the block, has lost a whopping 92% of its TVL.Crypto’s rich uncles have gone from $9.9 billion to a mere $700 million in early 2025. It’s like watching a balloon deflate at a kid’s birthday party. Sad, but also a little funny. 😅
Despite the collapse of major protocols, there’s still hope. Coinbase’s baby, Base, and the emerging Bitcoin DeFi operability might just be the superhero cape this on-chain ecosystem needs to soar to new heights. Or at least, that’s what we’re telling ourselves to sleep at night. 🛌
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2025-02-10 21:11